Mohieddin to stay on as Investment Minister until October

Egyptian Investment Minister Mahmoud Mohieddin, who was nominated two months ago for the position of World Bank executive director, said on Tuesday that he would remain at his ministerial post until October.

At a General Workers Union celebration in honor of the minister, Mohieddin declared that his successor would be announced by the government before he went to New York to accept his new WB position.

Mohieddin went on to say that, during his six-year tenure as minister, he had eliminated the LE32 billion racked up by the public sector before his appointment, noting that, "if these debts hadn't been eliminated, they would now exceed LE50 billion." He also stated that, during his tenure, LE18.4 billion had been invested in state companies so as to make them better able to compete.

The minister went on to note that more than 84,000 workers had been employed during his tenure after he had ensured that the public sector had sufficient funds to pay their salaries. He also said he had proposed a decree on investment management to Prime Minister Ahmed Nazif and the ruling National Democratic Party to be presented during the next session of parliament.

Prior to the celebration, Mohieddin spoke to 200 employees of the Telemisr company that had been staging protests in front of their union after the company refused to provide them with a social allowance. He assured workers that he planned to become personally involved in resolving their grievances.

Translated from the Arabic Edition.

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